LIC Nagpur division on top in WZ in micro-insurance

Published: Wednesday, October 3, 2007, 17:35 [IST]

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Nagpur, Oct 3 (UNI) The Nagpur Division of the Life Insurance Corporation of India (LIC) has topped in the Western Zone during the current financial year in the sale of its micro-insurance policy ''Jeevan Madhur''.

Speaking to newspersons here today, senior divisional manager Partha Samal said they had sold 5,525 policies under the plan so far during 2007-2008, which was the highest in the zone. The division's target for the plan during the current financial year was 75,000 policies, which it would achieve through its present strength of 14 micro-insurance agents, he said.

The policy was meant for the poor and underprivileged, who could get the cover with a minimum weekly premium of Rs 25 only, Mr Samal said. The sum assured could range from Rs 5,000 to Rs 30,000, with the cover available for individuals in the age group of 18 to 60 years, he said.

As part of its commitment to the welfare of the economically weaker sections of the society, LIC had launched a group insurance scheme ''Janashree Bima Yojana'' for people below the poverty line, like fishermen, beedi workers, plantation workers, urban and rural poor and auto rickshaw operators, Mr Samal said. Under the scheme, the state government concerned paid Rs 50 towards the premium, while another Rs 100 came from LIC's social security fund, he said. The balance Rs 50 is paid by the policy holder or by a non-government organisation (NGO) through which the scheme is implemented, the Senior DM said.

An added benefit was a scholarship of Rs 300 per month to the children of the policy holder for education in standards IX to XII, including ITI course, he said.

LIC observes October every year as social security month, during which special efforts were made to bring the weaker sections under insurance cover, he added.